As the economy continuous to vacillate from the recession just a few years ago, Americans continue to struggle making ends meet and are digging themselves further into debt.
According to some reports Americans are roughly $11.9 trillion in outstanding debt. This astronomical figure poses a problem to small and medium size businesses that extend products and services on credit. The process of business debt collections and debt recovery is a business in in of itself and for many owners, a source of frustration and even; worse decreased income.
So what can companies do to increase their revenue and decrease their accounts owed? Hire a debt recovery or credit collections firm. The benefits of a third party business debt collections firms far outweigh the cost of such services and any owner would be impressed with the level and breadth of services that such firms provide.
So, we have compiled a list of the top five benefits of partnering with a credit collection firm to get the money that is owed to you from your customers.
5 Benefits of Using a Debt Recovery Firm
1. More than collections. Most credit collection firms offer an array of services that include so much more than just credit collection. A company would be wise to partner up with the service to potentially outsource processes that are consuming the resources of human talent.
2. Collect your money faster. By using a debt recovery firm, a business can in most cases collect their money on overdue account almost 40% faster than by doing it on its own.
3. Anytime access. Most debt collection companies offer their clients 24/7 service for technical and customer relation questions. As a client, you will be able to tap into a wealth of resources anytime of the day.
4. Better allocation of resources. By outsourcing mundane processes like debt recovery, companies can utilize their human talent in other more important areas of the organization. Your staff should be focusing on how to improve your business and not wasting time on debt recovery.
5. Save yourself the hassle. The biggest benefit of utilizing a debt collection firm is that you save yourself from added stress and frustration. Running a business of any size is hard work and the more time you can devote to improving your business and sales the better your business will be. Let someone else focus on outstanding accounts so you don’t have to.
As an experienced business man, Timothy Reyes has had to make use of debt collection services more than once, and he can tell you first hand how important it is to hire the right company. While there may be several collection agencies in Minnesota or your hometown, they won’t all get the same results. If you are looking for help and need medical debt collection services, Tim highly recommends contact Pioneer Capital Solutions today.